Faro Property Market and Real Estate Guide

(Faro, Algarve, Portugal)

Located in the highly desirable Algarve region of Portugal, Moorish Faro is often praised for its natural beauty, enhanced by a large nature reserve, Ria Formosa Lagoon, and stunning beaches.

Faro receives some five million tourists each year, most of whom arrive on low-cost flights at Faro Airport, and the property market has just recently started to blossom, making this the perfect time to buy and rent property. Expats often buy property here for the sun, year-round rental potential and party atmosphere.

There is a large selection of property available, from villas to apartments and townhouses, and prices are currently lower than in many parts of Portugal. Some of the most desirable places to own and rent property include Santa Barbara de Nexe, Estoi and Montenegro, with property in the historical centre being hard to source and property closest to the coast often being the most expensive.

Renting Serviced Apartments

Serviced apartments are common in Faro, especially in and around the main beaches like Praia de Faro. Many of these serviced apartments were originally reserved as timeshare apartments, while there are also plenty of recently constructed options to choose from.

Ranging from spacious villas to small but luxurious studios, serviced apartments in Faro tend to be around double the price of standard apartments, as they come fully furnished and feature all the usual modern conveniences. Additional extras can include landscaped gardens, en suite bathrooms and shared swimming pools.

Buying Apartments and Houses

There are no restrictions in Portugal on foreign ownership and with the right agent, securing property in Faro should go fairly smoothly. However, it is important to enlist the services of a lawyer in addition to the services of an estate agent.

While property in the historic centre and along the coast is considered among Faro's most desirable, many expats choose to invest in cheaper inland property where money goes further.

It is also important to note that the purchase of property carries with it additional expenses. Generally, these expenses amount to between 10 and 11 percent of the purchase price and can be paid when the transaction is completed.

Real Estate Agents

Although it is easier said than done, it is important to take the time to find a reliable real estate agent when purchasing property in Faro. Many real estate agents may have their own interests in mind, rather than those of their client, and so it is best to take the time to read reviews from previous customers. The leading companies have websites in English and offer English speaking agents.

What follows is a list of recommended real estate agents in Faro:

Elly Van Hulst
Address: Aparto 222, Sao Bras de Alportel, 8150-909, Portugal, PT
Tel: +351 0289 842 992
Email: ellyvanhulst@mail.telepac.pt
Website: www.realestatevillas.com
This experienced real estate agent offers a wide selection of property for sale and rent in Faro.

Prolunar Real Estate
Address: Praia Verde 127, Castro Marim, 8950-434, Portugal, PT
Tel: +351 0281 957 149
Website: www.portugal-property-villas-sales.com
This licensed real estate agent can be found in Faro and offers English-speaking agents.

Algarve Web
Address: Rua Nova 5, Boliqueime, Algarve, 8100-070, Portugal, PT
Tel: +351 0289 366 604
Email: mail@algarveweb.com
Website: www.re.algarveweb.com
Algarve Web is based in the Algarve and its extensive website contains an impressive range of properties both for sale and let.